Crypto Twitter is now full of bearish price charts and opinion piecescryptocurrency market. Even those analysts who talked about new highs just a few months ago began to feel the pressure from a 20% drop in bitcoin at the end of September.
It seems the moods are so bad that they startedspread forecasts of a decrease in bitcoin to $ 2,000 and below. However, one important technical indicator recently issued a buy signal, showing that worries are in vain.
Bloomberg reported that the GTI indicatorThe Global Strength Indicator, which measures the up and down movements of consecutive closing prices, for the first time since bitcoin reached the bottom of $ 3150 in mid-December, has given a buy signal. Also, the consolidation of bitcoin at $ 8,000 probably indicates that the price has embarked on a growth path.
Gold investor Dan Tapiero recently noted that the TD Sequential technical indicator is also giving a signal to buy bitcoin.
Bloomberg Intelligence analyst Mike McGlown noted:
“The process of bitcoin maturation will accelerate towards the endyears, since volatility decreases with a more restrained process of price growth ... There is no longer an euphoric transition to a bull market, and this, apparently, will lead to an increase in the period of consolidation. ”
Recently, Bloomberg Opinion investment strategist Jarden Dillian explained why Bitcoin's next rally could break a new price record.
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